The Privatisation Commission (PC) Board has approved 10 interested parties for the next stage of the privatisation process of Faisalabad Electric Supply Company (FESCO).
According to a statement issued by the commission, the decision was taken during the 258th meeting of the PC Board in Islamabad. The meeting was chaired by Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman of the Privatisation Commission.
Officials informed the Board that 12 Expressions of Interest (EOIs) had been received from parties interested in FESCO.
The Financial Adviser recommended 10 parties for prequalification, after evaluating the submissions against the approved criteria.
Which ten parties move to next stage?
- Aktor Elektrik Enerji Yatirimlari San. Ve Tic.
- Genvera Enerji
- Cengiz Enerji Sanayii Ve Ticaret
- Engro Energy Limited,
- Sapphire Fibres Limited
- Shirazi Investments (Pvt) Limited
- Artistic Milliners (Pvt) Limited
- Maple Leaf Cement Factory Limited Consortium, which includes Kohinoor Textile Mills.
Additionally, the Hub Power Holdings Consortium, comprising Lucky Cement, Kohat Cement and Metro Ventures, was also prequalified.
The Pakgen Limited Consortium also made the list. It includes Nishat Mills, Nishat Power, Nishat Chunian, Lalpir, Pak Elektron and Kohinoor Energy.
These parties will now move to the next stage of the transaction. They will receive access to a Virtual Data Room (VDR) to conduct detailed buy-side due diligence before the process moves forward.
The PC Board also approved the reconstitution of its Audit and Risk, Human Resources, Investment and Legal Committees.
The commission said it remained committed to conducting privatisation transactions through a transparent and professionally managed process.
Government pushes ahead with DISCO privatisation
Earlier, Prime Minister Shehbaz Sharif directed officials to speed up the privatisation of electricity distribution companies, commonly known as DISCOs.
During a high-level meeting, the prime minister also called for complete transparency and instructed officials to establish a strong regulatory framework after DISCOs move into private-sector management.
Officials said the first phase of the programme would cover FESCO, Islamabad Electric Supply Company (IESCO) and Gujranwala Electric Power Company (GEPCO).
Also read: IESCO announces major power outage in Islamabad, Rawalpindi on Aug 28